Adam Back claims Justin Bieber's $1.3 million Bored Ape NFT has negative value

Blockstream CEO Adam Back stated that Justin Bieber's Bored Ape Yacht Club (BAYC) NFT, purchased for 500 ETH (approximately $1.3 million) in 2022, is now worth nothing or potentially has a negative value due to Ethereum gas fees required to sell it. With the current floor price around 6.25 ETH (roughly $16,600), the investment has lost nearly 99% of its value. Back clarified that his assessment applies only to NFTs and similar collectibles, distinguishing them from Bitcoin.